US Gov Introduces New Student Loan Debt Management Tool for Borrowers

The importance of college education certainly, cannot be ruled out, as life without a college degree can turn out to be troublesome. Without a proper degree, finding a suitable job for sustaining your living or supporting your family gets tough. However, the rising costs of college education is forcing many to quit the thought of pursuing a degree while, others desperate to get a degree are heavily relying upon student loans for completing their education.

Now, when it comes to student loan, the threat of being in debt looms large over the students. Such a situation can be owed to factors like, rising unemployment in the job sector and the troubling economy that is crippling the nation over the past few years. Presently, student loan debt has crossed the credit card debt amount, leaving the nation and the students pursuing college education in loan under great fix.

A permanent solution towards debt management is still to be found to fix the problem of rising student loan debt. In such situation, the Department of Education of the U.S.A government is developing new student loan debt help programs to help the students manage the debts better. In recent news, the Department of Education has introduced a latest loan-counseling tool for providing the students with better debt management plans.

The interactive tool is designed to provide basic information to students on prime aspects like, financial management. This includes informing the students about the existing loan debt and providing an estimation of the debt amount that can rise up to graduation. Students can easily have an access to this debt help resource referred by the name of Financial Awareness Counseling Tool by browsing through StudentLoans.gov.

According to Education Secretary Arne Duncan – managing debt over student loan often tends to get confusing and difficult for most borrowers. Owing to such difficulty, the Obama administration has been thinking to explore the entire obscurity of student loan and educate both the students and parents about everything related to college financial allowing room for smarter choices. Every student must know the costing of college education from the very beginning of pursuing the course; rather than waiting for the bill to arrive.

It is considered that this new tool feared towards student loan debt help will help bring more transparency in debt management thereby, allowing the students to keep their loan payments forever in track. Additional to all the information and guide, the Student Loan Debt Help tool also offers five interactive tutorials to the students on topics like, avoiding a default and budget management. From accessing individual history of the loan to receiving special feedbacks, the tool helps them understand the financial responsibility at best.

Well, the launch of this special Student Loan Debt Help tool is resultant of the effort from the government towards better understanding of college financing and debt help.

Author’s Bio – This article about student loan debt is contributed by Jonathan. The author discusses about the recently introduced student loan debt help tool by the US Government in a bid to educate the students about college financing in detail.